宝城期货动力煤早报（2025年10月24日）-20251024

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The reference view for power coal is "oscillation". Although October is the traditional off - season for thermal coal, the price of domestic power coal has accelerated upward this week. The coal price is strongly supported by multiple positive factors, but the impact of weather and other factors is mainly short - term [4] 3. Summary by Related Catalogs 3.1 Price and Market Conditions - As of October 16, the quotation of 5500K at Qinhuangdao Port was 732 yuan/ton, a significant weekly increase of 29 yuan/ton [4] - As of October 16, the total coal inventory of 9 ports in the Bohai Rim was 23.907 million tons, a weekly inventory reduction of 83,700 tons, and the inventory was 56,600 tons lower than the same period last year [4] 3.2 Driving Factors - Demand - side factor: While the north is cooling, the southern coastal cities maintain high temperatures, so the coal demand of power plants shows certain resilience. The daily consumption level of thermal coal in 8 coastal provinces is significantly higher than the same period last year, which supports the demand for power coal [4] - Supply - side factor: Rain and snow in major production areas such as Shaanxi and Inner Mongolia have affected coal production and transportation, and the strong expectation on the supply side boosts market sentiment due to the anti - involution expectation [4] - Logistics factor: The autumn inspection of the Datong - Qinhuangdao Railway and the closure of some northern ports due to strong winds have hindered the turnover of port coal, and the reduction of supply has led to an optimistic market atmosphere [4]